Park Aerospace, a company that develops and manufactures composite materials at the Newton City/County Airport, broke ground on an expansion Aug. 15.
Both the Newton City Commission and Harvey County Commission approved agreements in December to allow an expansion of Park’s Newton campus to move forward.
The expansion will include the construction of a redundant manufacturing facility adjacent to Park’s existing facilities. This renews redundant facility, which according to Park Aerospace is being constructed in part to support a major aerospace customer, will include approximately 90,000 square feet of manufacturing and office space. It will essentially double the size of Park’s existing Newton facilities.
The total cost of the expansion is expected to be approximately $19 million, and the expansion is expected to be completed in the first half of the 2020 calendar year. Projections show the company adding 73 employees to the current roster of 90 over 10 years. Projects show an estimated $21.3 million in wages paid to new employees over the 10 years. Construction is expected to begin within six months.
Under the development agreement, the county will offer about $919,000 in incentives, including tax abatement of about $878,000 over 10 years. The city will offer about $1,3 million in incentives, including a $1.2 million tax abatement over 10 years. The city and county also agree not to charge land rents for Park’s new facility, and to not charge rents on the existing facility, for 10 years.